Question

t of input is added. sixth unit of input is added seventh unit of input is added ninth unit of input is added. 24) Refer to the above unit of input, the marginal product is: (a) 5 and the average product is 8.4 (b) 5 and the average product is (c) 8 and the average product is 8.4. (d) 8 and the average product is 10.0 information. With the addition of the first 25) Refer to the above information. When the marginal product is zero, then total product is: (a) 50 (b) 55. (c) 56. (d) 58 26) In which two market models would advertising be used most oft á) pure competition and monopolistic competition pure competition and pure monopoly (c) monopolistic competition and oligopoly (d) pure monopoly and oligopoly 27) Which characteristic would best be associated with pure competition? (a) few sellers (b) price taker (c) nonprice competition (d) product differentiation

Answer 1

Ans

Can answer only 4 parts according to Chegg policy

1 Marginal product is addition to total output as input changes by 1 unit. So it's 5 Average product=5/1=5

2 58 because 58-58=0

3 c because here interdependence between firms is greater. In perfect competition firm can sell every unit without need of advertising

4 price taker as firm can't dictate here price because there are many many sellers